UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. _____)*
Precision Optics Corporation, Inc.
______________________________________________________
(Name of Issuer)
Common Stock, $ .01 Par Value
______________________________________________________
(Title of Class of Securities)
740294103
____________________________________
(CUSIP Number)
Austin W. Marxe, 153 East 53rd Street, New York, NY 10022
(212) 832-5300
______________________________________________________
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
August 11, 1999
_________________________________________________________
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule 13d-
I(b)(3) or (4), check the following box _x_.
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of the cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to
the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).
SCHEDULE 13D
CUSIP No.740294103 Page 2 of 10 Pages
- ----------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Special Situations Fund III, L.P.
F13-3737427
MGP Advisers Limited Partnership *
F13-3263120
- ----------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) | |
(b) |X|
- ----------------------------------------------------------------
(3) SEC USE ONLY
- ----------------------------------------------------------------
(4) SOURCE OF FUNDS* 00
________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO 2(d) OR 2(e) ____
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER See Marxe/Greenhouse
SHARES -------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER None
OWNED BY -------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER See Marxe/Greenhouse
REPORTING -------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER None
- ----------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
1,087,600 (includes 375,000 warrants)
- ----------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- ----------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.01
- ----------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IV/IA
- ----------------------------------------------------------------
* AWM Investment Company, Inc., a Delaware corporation is the
General Partner of this entity.
SCHEDULE 13D
CUSIP No.740294103 Page 3 of 10 Pages
- ----------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Special Situations Private Equity Fund, L.P.
F13-3916551
MG Advisers, L.L.C. F13-3916549
- ----------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) | |
(b) |X|
- ----------------------------------------------------------------
(3) SEC USE ONLY
- ----------------------------------------------------------------
(4) SOURCE OF FUNDS* 00
________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO 2(d) OR 2(e) ____
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER See Marxe/Greenhouse
SHARES -------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER None
OWNED BY -------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER See Marxe/Greenhouse
REPORTING -------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER None
- ----------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
1,450,000 (includes 725,000 warrants)
- ----------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- ----------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.4
- ----------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IV/IA
- ----------------------------------------------------------------
SCHEDULE 13D
CUSIP No.740294103 Page 4 of 10 Pages
- ----------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Special Situations Cayman Fund, L.P.
98-0132442
AWM Investment Company, Inc. 11-3086452
- ----------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) | |
(b) |X|
- ----------------------------------------------------------------
(3) SEC USE ONLY
- ----------------------------------------------------------------
(4) SOURCE OF FUNDS* 00
________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO 2(d) OR 2(e) ____
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- ----------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER See Marxe/Greenhouse
SHARES -------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER None
OWNED BY -------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER See Marxe/Greenhouse
REPORTING ------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER None
- ----------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
250,000 (includes 125,000 warrants)
- ----------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- ----------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8
- ----------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IV/IA
- ----------------------------------------------------------------
SCHEDULE 13D
CUSIP No.740294103 Page 5 of 10 Pages
- ----------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Special Situations Technology Fund, L.P.
13-3937585
SST Advisers LLC 13-3937583
- ----------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) | |
(b) |X|
- ----------------------------------------------------------------
(3) SEC USE ONLY
- ----------------------------------------------------------------
(4) SOURCE OF FUNDS* 00
________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO 2(d) OR 2(e) ____
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ----------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER See Marxe\Greenhouse
SHARES -------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER None
OWNED BY -------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER See Marxe\Greenhouse
REPORTING -------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER None
- ----------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
550,000 (includes 275,000 warrants)
- -----------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- ----------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.2
- ----------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- ----------------------------------------------------------------
SCHEDULE 13D
CUSIP No.740294103 Page 6 of 10 Pages
- ----------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Austin W. Marxe
David M. Greenhouse
- ----------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) | |
(b) |X|
- ----------------------------------------------------------------
(3) SEC USE ONLY
- ----------------------------------------------------------------
(4) SOURCE OF FUNDS* 00
________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO 2(d) OR 2(e) ____
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ----------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER 3,337,600
SHARES -------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER None
OWNED BY -------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER 3,337,600
REPORTING -------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER None
- ----------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
3,337,600 (includes 1,500,000 warrants)
- -----------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
- ----------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
32.8
- ----------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- ----------------------------------------------------------------
Page 7 of 10 Pages
Item 1. Security and Issuer. This Schedule relates to the
common stock and warrrants of Precision Optics
Corporation ("Issuer"). The Issuer's principal
executive offices are located at 22 East Broadway,
Gardner, MA 01440-3338.
Item 2. Identity and Background. This Schedule is filed on
behalf of (i) Special Situations Fund III, L.P., a
Delaware limited partnership ("SSF III"); (ii) Special
Situations Private Equity Fund, L.P., a Delaware
limited partnership ("SSPE"); (iii) Special Situations
Cayman Fund, L.P., a Cayman Islands limited partnership
("CAY"); (iv) Special Situation Technology Fund, L.P.,
a Delaware limited partnership ("SST");(v) MGP Advisers
Limited Partnership , a Delaware limited partnership
("MGP"); (vi) MG Advisers. L.L.C., a New York limited
liability company ("MG"); (vii) AWM Investment Company,
Inc., a Delaware corporation ("AWM"); (viii) SST
Advisers L.L.C., a Delaware limited liability company
("SSA"); (ix) Austin W. Marxe and (x) David Greenhouse.
Each of the foregoing is hereinafter referred to,
individually, as a "Reporting Person" and,
collectively, as the "Reporting Persons."
The principal office and business address of the
Reporting Persons, other than the Cayman Fund, is 153
East 53rd Street, 51st floor, New York, NY 10022. The
principal office and business address of the Cayman
Fund is c/o CIBC Bank and Trust Company (Cayman)
Limited, CIBC Bank Building, P. O. Box 694, Grand
Cayman, Cayman Islands, British West Indies.
The principal business of SSF III, the Private Equity
Fund, the Cayman Fund, and SST (individually, a "Fund"
and, collectively, the "Funds") is to invest in equity
and equity related securities. The principal business
of MGP is to act as the general partner of and the
investment adviser to SSF III. The principal business
of MG is to act as general partner of and the
investment adviser to the Private Equity Fund. The
principal business of AWM is to act as the general
partner of MGP and as the general partner of and the
investment adviser to the Cayman Fund. The principal
business of SSA is to act as the general partner of
SST. MGP, MG, AWM, and SST are referred to herein,
individually, as an "Adviser" and, collectively, as the
"Advisers." The principal occupation of Austin W.
Marxe and David Greenhouse, both of whom are United
States citizens, is to serve as officers, directors and
members or principal shareholders of the Advisers.
Page 8 of 10 Pages
Neither any Fund, any Adviser, Austin W. Marxe nor
David Greenhouse, during the last 5 years, has been
convicted in any criminal proceeding or was or is
subject to a judgement, decree or final order enjoining
future violations of, or prohibiting or mandating
activities subject to, Federal or state securities laws
or finding any violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
Each Fund utilized available cash assets to purchase
the Securities.
Item 4. Purpose of the Transaction. Each of the Reporting
Persons has acquired and is holding the Securities
solely for investment purposes and not with the purpose
or the effect of changing or influencing control of the
Issuer. Each Fund acquired the Securities in the
ordinary course of business and is holding such
Securities for the benefit of its third party
investors.
Item 5. Interest in Securities of the Issuer. See pps. 2-5 of
this Schedule, setting forth the aggregate number and
percentage of the Securities beneficially owned by each
Reporting Person, the number of shares as to which
there is sole or shared power to vote, or to direct the
vote, and sole or shared power to dispose or to direct
the disposition.
During August 1999, the following funds acquired the
following amounts of common shares and warrants at $1
per share and $.0625 per warrant in a private placement
transaction:
SSF III - 375,000 common shares and 375,000 warrants
SSPE - 350,000 common shares and 350,000 warrants
CAY - 125,000 common shares and 125,000 warrants
SST - 150,000 common shares and 150,000 warrants
During the month of July 1999, SSF III sold 700 shares
at an average price of $1.044 per share.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
See Item 2 and Item 4 of this Schedule. Based on such
Items. Messrs. Marxe and Greenhouse maintain sole
voting power and sole dispositive power with respect to
the Securities.
Page 9 of 10 Pages
Item 7. Material to be Filed as Exhibits.
None
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information
set forth in this statement is true, complete and
correct.
August 13, 1999
/s/ Austin W. Marxe
-----------------------------
Special Situations Fund III, L.P.
by: Austin W. Marxe, Managing Director
/s/ Austin W. Marxe
_________________________________
Special Situaitons Private Equity Fund, L.P.
by: Austin W. Marxe, Managing Director
/s/ Austin W. Marxe
_____________________________
Special Situations Cayman Fund,L.P.
by: Austin Marxe, Managing Director
/s/ Austin W. Marxe
_____________________________
Special Situations Technology Fund,L.P.
by: Austin Marxe, Managing Director
/s/ Austin W. Marxe
_____________________________
MGP Advisers Limited Partnership
by: Austin Marxe, President and CEO
/s/ Austin W. Marxe
_____________________________
MG Advisers, L.L.C.
by: Austin Marxe, President and CEO
Page 10 of 10 Pages
/s/ Austin W. Marxe
_____________________________
AWM Investment Company, Inc.
by: Austin Marxe, President and CEO
/s/ Austin W. Marxe
_____________________________
SST Advisers, L.L.C.
by: Austin Marxe, President and CEO
/s/ Austin W. Marxe
_____________________________
Austin W. Marxe
/s/ David Greenhouse
_____________________________
David Greenhouse
